Meticulous Research® – leading global market research company published a research report titled “Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Copper, Manganese), Crop Type (Cereals and Grains, Fruits and Vegetables), Form (Non-Chelated, Chelated), Method of Application (Soil Application, Foliar, Fertigation)– Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the agricultural micronutrients market is expected to grow at a CAGR of 8.7% from 2020 to 2027 to reach $12.2 billion by 2027. Also, in terms of volume, the agriculture micronutrients market is expected to grow at a CAGR of 5.8% from 2020 to 2027 to reach 2,013.3 KT by 2027. This market is majorly driven by the factors such as rising micronutrient deficiency in the soil, growing demand for highly nutrient & good quality food products, and growing population and rising food insecurity. In addition, the growing trend of contract farming is expected to provide significant growth opportunities for the manufacturers in the agriculture micronutrients market. However, lack of awareness among the farmers hinders the growth of the agriculture micronutrients market to some extent.
The global agriculture micronutrients market is segmented on the basis of type, form, crop type, method of application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on type, the overall agriculture micronutrients market is mainly segmented into zinc, boron, iron, copper, manganese, molybdenum, and other agriculture micronutrients. The zinc segment commanded the dominant share of the overall agriculture micronutrients market in 2020. The dominant position of this segment is mainly attributed to the increasing awareness of zinc deficiency in soils across the globe and its wide range of functions in the growth of plants. In addition, the growth in zinc agriculture micronutrients market is driven by the factors such as rising need to meet food security challenges and growing demand for zinc nutritious food products considering its health benefits. Moreover, rising government initiatives across the globe towards enhancing zinc concentrate in the soil to enhance quantitative and qualitative crop yield further support the growth of this market.
Based on crop type, the overall agriculture micronutrients market is segmented into cereals and grains, fruits and vegetables, oilseeds and pulses, and other crops. The cereals and grains segment commanded the largest share of the overall agriculture micronutrients market in 2020. However, the fruits and vegetables segment is expected to grow at the fastest CAGR during the forecast period, mainly due to the growing need to increase the production of fruits and vegetables and thereby their increasing hydroponics cultivation.
Based on form, the overall agriculture micronutrients market is segmented into non-chelated form and chelated form. In 2020, the non-chelated form segment accounted for the largest share of the overall agriculture micronutrients market. The large share of this segment is mainly due to the increasing application of non-chelated micronutrients because of their low price over chelated form micronutrients. However, the chelated form segment is expected to grow at the fastest CAGR during the forecast period.
Based on method of application, the overall agriculture micronutrients market is segmented into soil, fertigation, foliar application, seed treatment, and hydroponic application. The soil application segment commanded the major share of this market in 2020, owing to its preference as an easy & cost-effective application method, comparatively better end results, wide spread use of traditional framing methods across the major agriculture producing regions like Asia; and limited availability of resources in Asian region for the adoption of advanced fertilizer applications methods.
Geographically, Asia Pacific region held the largest share of the global agriculture micronutrients market in 2020, followed by North America and Europe. The leading position of the Asia Pacific region in agriculture micronutrients market is primarily attributed to the huge area under the crop cultivation, growing need to enhance the agricultural production to meet the rising demand for food from large population base, growing demand for high quality food, and increasing awareness and acceptance of the agriculture micronutrients by farmers in the emerging economies, such as China and India. In addition, the increasing agricultural practices and necessity of the high-quality agricultural produce further support the growth of this market.
The key players operating in the global agriculture micronutrients market are BASF SE (Germany), Coromandel International Limited (India), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), Haifa Group (Israel), Yara International ASA (Norway), Helena Agri-Enterprises LLC (U.S.), Valagro S.p.A (Italy), Sigma AgriScience, LLC (U.S.), Aries Agro Limited (India), Nufarm Limited (Australia), and AgroLiquid (U.S.), among others.
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